Today's Question

“I turn 65 in August. How much can I contribute to my HSA this year?”

Answer: Once you qualify for medicare, you are no longer permitted to contribute to an HSA. All contributions must be made prior to your birthday. So in this example, your birthday is in August. This means you are permitted to contribute.

For more information on HSA's, click here >> IRS.gov - Pub.969(2019), Health Savings Accounts and Other Tax-Favored Health Plans

Did you know

If you purchase something with crypto currency, it is a taxable event!

Anytime you sell crypto currency or use it to purchase something, you trigger a taxable evenet. Because the value of crypto currency changes in relationship to the US dollar, when you sell or purchase with it, you now create a capital gain or loss that must be reported on your income tax form. The amount that is taxes is the difference between the purchase price (plus crypto fees) and sale price. If you